Rmin 4000 uga test 1 Study guides, Class notes & Summaries
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RMIN 4000 UGA test 1 Questions and Answers 2024.
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RMIN 4000 UGA test 1 Questions and Answers 2024.
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RMIN 4000 UGA Test 1. Chapters 1-3 Exam Questions and Answers 2024
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RMIN 4000 UGA Test 1. Chapters 1-3 
Exam Questions and Answers 2024 
1) Traditionally, risk has been defined as 
A) any situation in which the probability of loss is one. 
B) any situation in which the probability of loss is zero. 
C) uncertainty concerning the occurrence of loss. 
D) the probability of a loss occurring. -Answer-C 
2) Objective risk is defined as 
A) the probability of loss. 
B) the relative variation of actual loss from expected loss. 
C) uncertainty based on a person's mental...
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RMIN 4000 uga test 1 questions and answers 2024
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RMIN 4000 uga test 1 questions and answers
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RMIN 4000 uga test 1 Updated 2024/2025 Actual Questions and answers with complete solutions
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4 types of hazards - 1) physical hazard 
2) moral hazard 
3) attitudinal hazard 
4) legal hazard 
6 characteristics of an insurable risk - 1) there must be a large number of exposure units 
2) the loss must be accidental and unintentional 
3) the loss must be determinable and measurable 
4) the loss should not be catastrophic 
5) the chance of loss must be calculable 
6) the premium must be economically feasible 
active retention - active risk retention means that an individual is consciously aw...
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RMIN 4000 UGA Test 1 Questions and Answers (Scored A+)
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RMIN 4000 UGA Test 1 Questions and Answers (Scored A+) 
 
types of risk - ANSWER--pure risk 
-speculative risk 
-diversifiable risk 
-nondiversifiable risk 
-enterprise risk 
-systemic risk 
 
risk - ANSWER-uncertainty concerning the occurrence of a loss 
 
uncertainty - ANSWER-probabilities cannot be estimated 
 
loss exposure - ANSWER-any situation or circumstance in which a loss is possible, regardless of whether a loss actually occurs 
example: earthquake or flood causing damage to a manufa...
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RMIN 4000 UGA Test 1 Chapters 1-3 | 157 Questions with 100% Correct Answers | Verified | Latest Update 2024
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1) Traditionally, risk has been defined as 
A) any situation in which the probability of loss is one. 
B) any situation in which the probability of loss is zero. 
C) uncertainty concerning the occurrence of loss. 
D) the probability of a loss occurring. - C 
2) Objective risk is defined as 
A) the probability of loss. 
B) the relative variation of actual loss from expected loss. 
C) uncertainty based on a person's mental condition or state of mind. 
D) the cause of loss. - B 
3) An insurance co...
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RMIN 4000 UGA TEST 1. CHAPTERS 1-3 QUESTIONS & ANSWERS
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RMIN 4000 UGA TEST 1. CHAPTERS 1-3 QUESTIONS & ANSWERS
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RMIN 4000 UGA Test 1. Chapters 1-3 Questions& Answers 100% Accurate!
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1) Traditionally, risk has been defined as 
A) any situation in which the probability of loss is one. 
B) any situation in which the probability of loss is zero. 
C) uncertainty concerning the occurrence of loss. 
D) the probability of a loss occurring. - ANSWER-C 
 
2) Objective risk is defined as 
A) the probability of loss. 
B) the relative variation of actual loss from expected loss. 
C) uncertainty based on a person's mental condition or state of mind. 
D) the cause of loss. - ANSWER-B 
 
...
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RMIN 4000 UGA Test 1 Questions and Answers 100% Verified!
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RMIN 4000 UGA Test 1 Questions and Answers 100% VeWhat is risk? - ANSWER-a calculated possibility of a negative outcome 
 
What is calculated possibility? - ANSWER-a probabilistic outcome that is known or estimated (ranges from 0% to 100%) 
 
What is a negative outcome? - ANSWER-a loss that must be quantifiable 
 
What is frequency? - ANSWER-how often a loss occurs (frequency= number of losses / number of exposures) 
 
What is severity? - ANSWER-How much a loss costs when it occurs (severity = t...
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RMIN 4000 UGA Test 1. Chapters 1-3 | Latest Update | 2024/2025 | Graded A+
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RMIN 4000 UGA Test 1. Chapters 1-3 | 
Latest Update | 2024/2025 | Graded A+ 
 
What is risk in the context of insurance? 
A) A situation where loss is certain 
B) Uncertainty concerning the occurrence of a loss 
C) A guarantee of financial gain 
D) The absence of any potential hazards 
 B) Uncertainty concerning the occurrence of a loss 
 
What is the primary purpose of insurance? 
A) To eliminate all risks 
B) To transfer risk to an insurer 
C) To avoid losses 
D) To increase wealth 
 B) To tra...
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